After skyrocketing last week, LUNA – the new token from the Terra blockchain that had spectacularly collapsed in May – made its way down to Earth, falling as much as 33% on Monday.
The token was trading around $4.20 as of press time. It had reached $7.60 on Friday, an all-time high since June.
The market capitalization fell to $542 million, cryptocurrency data aggregator CoinGecko shows.
The second version of LUNA was created after Terra lost $60 billion in value because of its May implosion. Authorities are in the process of investigating the affiliated Terraform Labs and co-founder Do Kwon for alleged fraud.
The original Terra chain was rebranded Terra Classic, and its native token – the former LUNA, now luna classic (LUNC) – has also dropped in price Monday after a surge last week. LUNC’s price was trading at $0.0003 as of 1:15 p.m. ET, down 17% in the past 24 hours, according to CoinGecko.
Howard Greenberg, cryptocurrency educator at Prosper Trading Academy, told CoinDesk last week the surge in LUNC's price made it look like "a meme coin at this point.”